Protecting wages; 7 or 13
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Posted by ipso facto
(68.115.91.227) on February 13, 2004 at 22:23:30:
OK, wanted to lay some scenarios here and seek some advice. I have a steady job with some disposable income. No house, no assets, an old car. Now siuppose that for seven months I make large contributions to my 401k; my net salary will be barely enough for living expenses, and on that basis I file for BK7. Is this a valid scenario? Assume that I cannot do the above; then how about this:? I buy an expensive car on an installment plan, and six to seven months later file for 13. Since I am on a 13 nobody can question what kind of an asset I keep. And since I have large monthly payments to the car dealer, the money that can be taken out for creditors would be very low. Again, does this sound right? Please understand where I am coming from: I can pay lawyer costs, I can pay finance charges to a car dealer, but I would like to pay not a single cent to a Collector. Zero, Zilch, Nothing.
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